Mitsubishi UFJ is testing the use of virtual currency rewards for employees who reduce their overtime hours and practice a healthy lifestyle.

The trial, which is being run by MUFJ subsidiary Kabu.com securities, uses mobile geo-location technology to monitor employees as they check in and out of the office and on their journey to work.

The company is using technology from Israeli outfit Zerobillbank to track employee movements and automatically dish out 'Ooiri' currency rewards for good beahviour.

The currency is pegged to the Yen and is available for conversion at local shops using Zerobillbank's Z-Wallet. The Wallet also offers P2P currency transfers which staff can send to their co-workers as 'thank you' rewards.

Bank of Tokyo Mitsubishi UFJ in June confirmed reports that it is working on plans to create its own digital currency, MUFG Coin, which will be downloaded to smartphones and used for P2P funds transfers and for online shopping.